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Pepper futures on NCDEX may gain further strength on good demand. Lower supply in the domestic market also supported the run-up in prices.
About 560 tonnes of pepper was delivered on NCDEX (National Commodity & Derivatives Exchange Ltd) through staggered delivery mechanism in the June contract.
Indian pepper was quoted at a premium over the Vietnam variety. While pepper in India was quoted at $7,200 a tonne, it was $6,800 a tonne for the Vietnam variety. Export demand may remain low.
Pepper for July delivery on NCDEX had gained 1.39 per cent at Rs 40,450 a quintal on Tuesday. Spot price was at Rs 39,337.
Jeera firm
Jeera futures, which gained three per cent on Tuesday, may move up further on tighter supply in the market. Demand has been picking up even as arrivals dipped.
About 7,20 tonnes was delivered on NCDEX through staggered delivery mechanism in the June contract.
Buying at the futures market improved as the near month contract is trading at a discount compared to the spot prices. This may push up prices in the futures market.
Jeera for July delivery had gained 3.27 per cent to Rs 13,652 a quintal on Tuesday. In the spot market it is being traded at Rs 13,581.
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